GBP/USD Forecast February 2, 2017, Technical Analysis

The British pound initially fell a bit during the session on Wednesday but turned around to form a bullish candle. I believe that the British pound will continue to strengthen, and because of this I am a buyer every time we pull back. I believe that the 1.25 level will start to offer a bit of a “floor” now, and that the support extends all the way down to the 1.24 handle. The 1.2750 level above will offer resistance, but once we get above there I feel that the British pound will be over to go higher for the longer-term move.